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Harmony Gold Mining Company (HAR) investor relations material
Harmony Gold Mining Company Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved record cash flows and met production guidance for the tenth consecutive year, supported by operational excellence and high-quality orebodies.
Maintained robust safety performance with the lowest ever LTIFR and a proactive safety culture.
Delivered strong financial and operating results, with group gold production at the upper end of guidance and all-in sustaining costs in line with expectations.
Embedded sustainability practices recognized by third parties, with improved ESG ratings and progress on decarbonization targets.
Financial highlights
Revenue grew 20% year-over-year to ZAR74 billion, with net profit up 67% to ZAR15.5 billion and EBITDA rising 37% to ZAR26 billion.
Adjusted free cash flow surged 54% to ZAR11.1 billion at a 16% margin; net cash on balance sheet increased 285% to ZAR11.1 billion.
Headline EPS up 25% to ZAR2,337 per share.
Declared record total dividend payout of ZAR2.4 billion, with a final dividend of ZAR155 per share, up 30% year-over-year.
All-in sustaining costs increased 17% to about $1,800/oz, reflecting lower planned production and higher sustaining capital.
Outlook and guidance
FY26 production guidance set at 1.4–1.5 million ounces, with underground grades above 5.8g/t and AISC between ZAR1.15–1.22 million/kg.
Total capital expenditure for FY26 is ZAR12.95 billion, mainly for fleet replacement and project advancement.
Copper expected to contribute 40% of production by FY35, supporting long-term growth and diversification.
Mack Copper transaction expected to close in October, with Eva Copper final investment decision later in the year.
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